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  "documentTitle": "ValueAct Seven i Holdings Presentation February 2022",
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      "text": "Forward P/E (Calendar Year 2022) comparison of conglomerates vs focused retail/QSR",
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      "text": "Sources: Public company documents, Capital IQ (as of 2/3/2022), VAC analysis. Memo: Multiples adjusted for one-time expenses and goodwill amortization",
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      "text": "Step 1. Bold Strategy of True Focus on 7-Eleven",
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      "text": "Major valuation uplift opportunity if Seven & i Holdings chooses focus over diversification",
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